Filing Flows › Xtant Medical Holdings (XTNT) › Q4 2025
Xtant Medical Holdings (XTNT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Xtant Medical Holdings (XTNT) reported revenue of $32.4M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -3% from the quarter before. Operating margin was -2.9%, net earnings $57K (0.2% of revenue).
Xtant Medical Holdings, Q4 2025: revenue $32.4M (+3% year over year), operating margin -2.9%, net earnings $57K, operating cash flow $5.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.4M | -3% | +3% |
| Operating profit | −$944K | -137% | — |
| Net earnings | $57K | -96% | — |
| Operating cash flow | $5.4M | +17% | +709% |
| Free cash flow | $5.0M | +19% | — |
What changed
Revenue was $32.4M in Q4 2025, up 3% year over year and down 3% from the previous quarter. Orthobiologics was the largest line at 57% of revenue.
Gross margin was 54.9%, up 4.0 points from Q4 2024. Operating costs exceeded revenue by $944K, an operating margin of -2.9%. Operating expenses grew 4% against revenue growth of 3%. The fastest-growing cost line was General & admin (+28%). Net earnings were $57K. The effective tax rate was 96.4%. Non-operating items added $2.5M, 159% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.4M (up 709% year over year), 9439% of net earnings. Non-cash charges added back $1.8M of depreciation and amortization and $727K of share-based compensation. Working capital and other items added $2.8M. Capital expenditures of $395K left free cash flow of $5.0M.
Questions
What was Xtant Medical Holdings' revenue in the fourth quarter 2025?
Xtant Medical Holdings (XTNT) reported revenue of $32.4M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -3% from the quarter before.
Was Xtant Medical Holdings profitable in the fourth quarter 2025?
Operating loss was $944K (-2.9% of revenue) and net earnings $57K.